Tyman PLC Refinancing of Debt Facilities (7131J)
December 14 2022 - 6:00AM
UK Regulatory
TIDMTYMN
RNS Number : 7131J
Tyman PLC
14 December 2022
TYMAN PLC
Successful Refinancing of Debt Facilities
Tyman plc ("Tyman" or the "Group"), a leading international
supplier of engineered fenestration components and access solutions
to the construction industry, has completed the refinancing of its
bank facilities, maintaining significant funding to support its
growth strategy.
Tyman has secured a new GBP210 million sustainability-linked
Revolving Credit Facility ("RCF"), which may be increased through
an accordion option of up to GBP100 million. This has been provided
by a combination of existing and new relationship lenders,
demonstrating the robustness of Tyman's business model. The
facility will mature on 13 December 2026, with an option to extend
by a further year.
The financial covenants remain unchanged from the Group's
previous GBP240 million RCF while other terms provide more
flexibility for Tyman. Pricing remains competitive and in addition
a portion of the loan margin is now linked to the performance of
the Group on three sustainability metrics which align with Tyman's
immediate sustainability priorities and its 2030 sustainability
roadmap:
1. Reduction in Scope 1 and 2 emissions from the 2019
baseline
2. Year-on-year increase in percentage of revenue from
positive-impact solutions that contribute to the United Nations
Sustainable Development Goals
3. Reduction in the Total Recordable Incident Rate per one
million hours worked (excluding the impact of COVID 19)
Progress against these sustainability metrics will be
independently verified on an annual basis. If Tyman achieves some
or all of these metrics then the loan pricing will be reduced for
the following year; a shortfall against the metrics will result in
Tyman paying a similar premium to a nominated charity.
Together with the Group's three existing US private placement
notes, the Group has access to total funding of approximately
GBP310 million, with the accordion of GBP100 million providing
additional funding for acquisition purposes. Tyman's debt
facilities now have an average life of 4.5 years, with 55% of
current borrowings being at fixed rates of interest.
Jason Ashton, Chief Financial Officer, commented:
"We are delighted to have successfully agreed the refinancing of
our RCF for the next five years, particularly with the inclusion of
three key sustainability targets. Following the refinancing of $75
million of sustainability-linked US private placement notes earlier
this year, the RCF refinancing not only provides additional capital
to support our growth strategy but also reinforces our commitment
to put sustainability at the core of the Group's strategy."
14 December 2022
Enquiries
Tyman plc ( investor.relations@tymanplc.com , 0207 9768000)
Jo Hallas - Chief Executive Officer
Jason Ashton - Chief Financial Officer
Matt Jones - Head of Investor Relations
MHP Communications ( tyman@mhpc.com , 020 3128 8613)
Reg Hoare / Rachel Farrington / Matthew Taylor
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of
engineered fenestration components and access solutions to the
construction industry. The company designs and manufactures
products that enhance the comfort, sustainability, security, safety
and aesthetics of residential homes and commercial buildings.
Tyman's portfolio of leading brands serve their markets through
three divisions: Tyman North America, Tyman UK and Ireland and
Tyman International. Headquartered in London, the Group employs
approximately 4,300 people with facilities in 16 countries
worldwide. Further information is available at www.tymanplc.com
.
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